LoanMeet provides short-term working capital loans to retailers for inventory financing, and it is currently growing at roughly 50% month-over-month.

The company is targetting the segment of retailers who mostly are unable to get loans from financial institutions due to lack of credit history, or insufficient documentation to process loan application.

“Our focus is to use data to build credit models, enabling us to make quick credit decisions. We are a focused fintech platform, and we see tremendous opportunities in offline inventory financing business,” said Sunil Kumar, co-founder of LoanMeet.

For inventory financing, Loanmeet aims to become a single point of contact for Indian offline retailers. Strivers Solutions, which runs LoanMeet, plans to use the funds towards aggressive expansion of its customer base.

“In a country where capital is deployed majorly at the top of the pyramid by lending a big amount to an established company, we are trying to revolutionize banking at the grass root level of distribution,” says Ritesh Singh, co-founder of LoanMeet.